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Honey Bun to split shares

Published:Thursday | April 21, 2016 | 4:47 PM

Bakery company Honey Bun (1982) Limited plans to increase its authorised capital fivefold from 97.5 million shares to 487.5 million shares.

The decision made by the board on April 19 requires shareholder approval. An extraordinary meeting will be held in May.

Honey shareholders will also be asked to approve a increase of the issued capital of the company from 94,253,390 shares to 471,266,950 shares, effectively splitting each share into five units. The 94.2 million shares in issue are listed on the junior market of the Jamaica Stock Exchange.

The bakery stock is currently trading at $14.93 per share valuing the company at $1.4 billion.